Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Tips from Mich.s Financial Counseling Best Practices guide
LANSING, Mich. (11/23/11)--Michigan credit union financial counselors have shared their best practices and financial counseling program tips in a guide called Financial Counseling Best Practices that is available on the Michigan Credit Union League (MCUL) website.

The guide was compiled by a working group of credit union financial counselors who are members of the MCUL & Affiliates' Financial Education Council. The best practices aim to assist credit unions in forming or improving a formal or informal financial counseling program.

The guide includes program details and the experiences of several Michigan credit unions. The information is geared to credit unions hoping to start a financial counseling program or those wanting to supplement their existing program.

The guide includes:

  • Best practices to establish a financial counseling program;
  • Best practices for training;
  • Best counseling practices for sessions;
  • Reporting results;
  • Other educational opportunities;
  • Advertising; and
  • Credit union financial counseling program examples.   


To determine the need for establishing a financial counseling program, a credit union should talk to its lending department--loan interviewers, underwriters, collection and member-service staff--and survey its members, MCUL said.

Once a need has been identified, a credit union should outline a strategic plan or expected outcome for its budget counseling program. The plan should include statistics on current delinquency, results from other credit unions of similar size and situation, and the desired outcome. A chart of projected savings as result of the program may be added to the plan, the league said.

The biggest challenge to the program for a credit union is identifying the right person to be a budget counselor. Financial counselor roles include advising, instructing and motivating. Counselors must have a clear understanding of money management and the elements of creditworthiness, the guide said.

Consumers need financial guidance but tight credit union budgets often restrict the number of staff able to train. MCUL offers a guided self-study financial counseling training program, and the Credit Union National Association offers a Certified Financial Counselor School. Use the link.

To see the MCUL Financial Counseling Best Practices guide, use the link.
Other Resources

RSS





print
News Now LiveWire
Which Children's Miracle Network Hospital is the winner of @CUDirect's 20 for 20 grand prize? Find out Tuesday.
3 hours ago
Gas prices have fallen for a record 88 days in a row says @AAAnews via @washingtonpost http://t.co/c52VTdqHEB
5 hours ago
.@TheNCUA releases regulatory modernization initiative results (PDF link) http://t.co/pgLZe4aget
5 hours ago
#FinCEN seeks nominations of FIs, trade groups for membership on Bank Secrecy Act advisory group http://t.co/l5w58c277W
6 hours ago
MI pediatric dentist pledges $20K match to Hurley Children's Hospital if it wins @CUDirect's 20 for 20 http://t.co/Eq2nIPm6jo
7 hours ago